Matching Items (6)
- All Subjects: Millennials
- Creators: Montoya, Detra
Advertising to the Millennial Generation is an honors thesis project that combines research with a creative application. The thesis is broken into three main sections: a literature review of the Millennial Generation, three case studies identifying brands or advertising campaigns that have successfully reached Generation Y, and the application of these findings to an advertising campaign with additional marketing mix elements for Bose headphones.
Before creating a campaign targeting Millennials, this thesis first identifies which consumers belong in the Millennial demographic. The definition given looks beyond the ‘age 18-34’ demographic information and analyzes the generation’s unique characteristics, their feelings of being misunderstood by businesses, the importance of social media and technology in their world, and what motivates them to take action.
The subsequent case studies examine the advertising tactics of Barack Obama’s 2008 presidential campaign, the burgeoning social news and entertainment website BuzzFeed, and Beats by Dre headphones. Each of these brands successfully captured the Gen Y demographic group, with an emphasis on the younger end of the 18-34 age spectrum, and effectively communicated their understanding of Millennials’ culture. Each of the three campaigns contained social or digital elements to create engaging and relevant content for the niche of younger Millennials. Immediately following the case studies, best practices are outlined to summarize the findings.
Finally, a digital campaign is proposed for Bose headphones. The literature review, case studies, and best practices contributed to the culminating campaign, which will allow Bose to reach the younger Millennial audience.
Millennials are the group of people that make up the newer generation of the world's population and they are constantly surrounded by technology, as well as known for having different values than the previous generations. Marketers have to adapt to newer ways to appeal to millennials and secure their loyalty since millennials are always on the lookout for the next best thing and will "trade up for brands that matter, but trade down when brand value is weak", it poses a challenge for the marketing departments of companies (Fromm, J. & Parks, J.). The airline industry is one of the fastest growing sectors as "the total number of people flying on U.S. airlines will increase from 745.5 million in 2014 and grow to 1.15 billion in 2034," which shows that airlines have a wider population to market to, and will need to improve their marketing strategies to differentiate from competitors (Power). The financial sector also has a difficult time reaching out to millennials because "millennials are hesitant to take financial risks," as well as downing in college debt, while not making as much money as previous generations (Fromm, J. & Parks, J.). By looking into the marketing strategies, specifically using social media platforms, of the two industries, an understanding can be gathered of what millennials are attracted to. Along with looking at the marketing strategies of financial and airline industries, I looked at the perspectives of these industries in different countries, which is important to look at because then we can see if the values of millennials vary across different cultures. Countries chosen for research to further examine their cultural differences in terms of marketing practices are the United States and England. The main form of marketing that was used for this research were social media accounts of the companies, and seeing how they used the social networking platforms to reach and engage with their consumers, especially with those of the millennial generation. The companies chosen for further research for the airline industry from England were British Airways, EasyJet, and Virgin Atlantic, while for the U.S. Delta Airlines, Inc., Southwest Airlines, and United were chosen. The companies chosen to further examine within the finance industry from England include Barclay's, HSBC, and Lloyd's Bank, while for the U.S. the banks selected were Bank of America, JPMorgan Chase, and Wells Fargo. The companies for this study were chosen because they are among the top five in their industry, as well as all companies that I have had previous interactions with. It was meant to see what the companies at the top of the industry were doing that set them apart from their competitors in terms of social media marketing content and see if there were features they lacked that could be changed or improvements they could make. A survey was also conducted to get a better idea of the attitudes and behaviors of millennials when it comes to the airline and finance industries, as well as towards social media marketing practices.
The rising age of the Baby Boomer generation has made a significant impact on the workforce, leaving leadership gaps that Generation X is unable to fill. This leaves an opportunity for the Millennial generation to step up and use their strengths and skills to become stronger leaders of the business and sales industry.
To bridge the gap between the growing sales industry there is the ability to properly train Millennials so they are successful and stay within their roles longer. By attacking this problem from a university level by strengthening sales programs as well as having employers understand and respond to needs of the Millennial generation, this will create an overall successful Millennial salesperson that will stay with their employer long term.
Strengths and weaknesses of this generation are also important to understand. Millennials are known to be tech-savvy, open-minded, collaborative, and connected, resourceful networkers. They also carry weaknesses and stereotypes of being lazy, lacking communication skills, impatient, entitled, and demanding of feedback and work flexibility. From an employer, they expect a large salary as well as a good culture, manager feedback, a mentor, work-life integration, an employer with a social responsibility mindset, and a sense of purpose.
An analysis of 12 sales programs at various universities across the country helped to understand what is being taught and offered to students as well as commonalities and differences that make a strong sales program. Commonalities among these programs include, about 250+ students, high job placement, sales labs, hosting and competing in sales competitions, and a desire to expand and grow their programs. Unique aspects of various programs were partnerships with the sales industry, hosting fundraisers, student ambassadors for the sales program, CRM courses, and internships and competition requirements.
Primary research was conducted to understand various sales development programs from companies in the sales industry. The 12 companies that participated in this research were from Arizona State University’s Sales Advisory Board. These companies completed a survey that provided detailed information of their onboarding and training process as well as their opinions of Millennial employees.
From this research, recommendations were formed for employers,
• creating a collaborative and innovative culture
• A mentorship program
• work flexibility
• continuous learning
• sense of purpose
As for Arizona State’s Sales Program, recommendations include,
• a mentorship program between Sales Scholars and the Sales Advisory Board
• creating a sales lab
• implementing CRM curriculum in classes
• continued support from the Board and alumni of the sales program
This honors thesis study aimed to gain a better understanding of millennials and how to effectively use interactive marketing to advertise to this generation. The thesis was broken up into three segments. The first segment includes a literature review on: identifying and comparing within the millennial generation, millennials impacts on marketing, and an introduction to interactive marketing. The second segment covered the methodology study including the application of the research findings to analyze the effectiveness of interactive marketing and the shift brands have made to reach millennials. Lastly, the final section covered an overall conclusion and recommendations. This paper first identified who the millennial generation is and discussed the differences between the older and younger millennials among the generation as a whole. Then the paper moved into defining what interactive marketing is and how it is being used and targeted towards the millennial generation. The next section identified the key differences within the millennial generation and the main areas in which this generation impacted brands and the company's interactive marketing efforts. The research suggests what the most influential take-a-ways from the millennial generation are and how brands shifted in order to better target the new types of consumers. Additionally, the information obtained from understanding the millennials' perspective on interactive marketing provide companies a better idea of how to market to them. Lastly, the recommendation checklist for companies to follow on how to create a successful interactive marketing advertising campaign helped to position brands in the most efficient way possible when entering this new form of marketing and specifically targeting millennials.
The purpose of this thesis is to examine the current state of the brick-and-mortar bookselling industry, with particular focus on independent bookstores and their strengths and weaknesses, and synthesizing recommendations for these bookstores to reinvent themselves in a rapidly changing market. This examination is highly relevant given recent concerns that, with the rise of e-retailers like Amazon and the closure of bookstore chain Borders, brick-and-mortar bookstores may be superseded by new digital vendors. Independent bookstores are thought to be at a particular disadvantage to these retailers, given their limited size and resources, as well as the lack of capital or consumer base that a larger chain like Barnes and Noble can draw upon to invest in emerging technology. With these more limited financial opportunities, independent bookstores must find different ways to not only keep abreast of the technology that consumers are coming to expect from modern businesses, but attract customers.
To gain insight into the state of the industry and current position of independent bookstores, I will first examine the past fifty years of the brick-and-mortar bookstore, followed by a Porter’s Five Forces analysis of the industry threats and a SWOT analysis to compare the strengths and weaknesses of independent bookstores. Next, the patrons of independent bookstores will be discussed with a focus on the two largest consumer groups of Millennials and Baby Boomers, their characteristics, and the opportunities they provide to bookstores. After this there will be an exploration of the competitors to brick-and-mortar bookstores, focusing on Amazon and then touching on some of the other rivals to bookstores’ consumer base. The next section will be an in-depth analysis of a variety of bookstores across the United States, with attention to their successful practices, goals, concerns, and failures. First, there will be a comparison of industry success and failure through case studies of Borders and Powell’s bookstores. Next, there will be a comparison of five beloved independent bookstores across the country to share their varied competitive advantages that are the secret to their success. Finally, there are primary source interviews with the employees of three major Phoenix bookstores, which provide insight into the goals, current projects, attitudes, and inner strengths of these businesses. Finally, the thesis will conclude with a section offering solutions and suggestions for independent bookstores to pursue based on the primary and secondary research discussed above. These recommendations are focused on five key areas:
• Store Design
Ultimately, the information provided by this research and these interviews indicates that while vital business changes are being pursued by independent and chain bookstores across the United States, the independent bookstore shows no signs of disappearing in favor of online vendors or e-readers.
Marketing to U.S. Hispanic Millennials: Understanding Hispanic Identity, Culture and the Spanish Language
The Hispanic population is growing rapidly in the United States and already possesses tremendous buying power and influence. The Millennial generation has officially outnumbered the Baby Boomers to become the largest generational group in the United States. This thesis aligns these two groups to study the U.S. Hispanic Millennial and the characteristics that make this segment unique and powerful. How are Hispanic Millennial consumers different and unique? How can brands connect with Hispanic Millennials in an authentic way? These questions will be explored through a literature review which covers three important aspects: Hispanic identity, culture, and the influence of the Spanish language. Next, a primary research study is conducted to determine if there is a relationship between Hispanic acculturation levels and language preference in advertisements. Finally, the findings of the study are compared with various research studies and reports to determine the best methods of connecting with U.S. Hispanic Millennials as a marketer.